The price broke descending triangle to the upside on both the monthly and the weekly and it is attempting to break above dynamic resistance on the monthly. Also, the pair broke key resistance between 1.3330 – 1.3500.
The price is within 3rd wave of the bullish run on both the weekly and the daily chart. The first target for the 3rd weekly bullish run at 1.272 FIB around 1.4040, second target is at 1.618 FIB around 1.4520.
Key support zones to watch are, 1.3270 – 1.3330, 1.3000 and 1.2770 – 1.2800, in case of a pullback and rejection, we will see resumption of the bullish trend.
Monthly chart:
Weekly chart:
